Fall 2009 Big Money Poll Results Out: Only 13% Are Bearish, 70% Are Beating S&P, As Taxpayers Get Hosed
According to the latest Big Money poll results, groupthink has taken over with the herd almost completely on the bullish side of things. Currently, only 13% of respondents are bearish in their investment outlook though June 2010. Additionally the divergence on where the bulls and bears see the market in 6 months continues growing larger, with bulls expecting the S&P at almost 1,200 while bears retrenching even more from the prior poll, and reducing their S&P expectations from to 1003 to 922.
On economic matters, 72% of respondents believe the recession has ended, and an amusing 52% believe there is no chance of a double dip recession. It is scary that over half of the "sophisticiated community" thinks that Fed can succeed where so many central planning administration have failed before.
More rosy expectations: 47% of respondents see Q4 GDP growth at more than 3%, 56% do not see a bubble building in the financial markets, 53% expect the dollar to continue weakening, 76% believe that decline in corporate profits has ended, 71% see inflation is the greater threat to the market (the inverse of what Zero Hedge's recent poll disclosed), and an ironic 65% disapprove of the Obama administration's handling of the crisis so far. Why this is ironic is that the only reason why everyone is bullish is exclusively due to Obama's handling of the crisis. But these are sophisticated money managers we are talking about here. Why bother them with logic.
Some more from the groupthink wagon: 76% will be a net buyer of stocks, and 50% still think stocks will be the best-performing assets class in the next 6-12 months.
Yet the most telling response is that 70% of money managers are beating the S&P both professionally and personally, which begs the question: who is losing for more than two thirds to be winning, and the simple answer is... You - dear taxpayers, that's who.